汉莎航空公司套保案例.pdfVIP

S w 8B00N22 Teaching Note LUFTHANSA: TO HEDGE OR NOT TO HEDGE . . . Stephen Sapp prepared this teaching note as an aid to instructors in the classroom use of the case Lufthansa: To Hedge Or Not To Hedge, No. 9B00N022. This teaching note should not be used in any way that would prejudice the future use of the case. Ivey Management Services prohibits any form of reproduction, storage or transmittal without its written permission. This material is not covered under authorization from CanCopy or any reproduction rights organization. To order copies or request permission to reproduce materials, contact Ivey Publishing, Ivey Management Services, c/o Richard Ivey School of Business, The University of Western Ontario, London, Ontario, Canada, N6A 3K7; phone (519) 661-3208; fax (519) 661-3882; e-mail: cases@ivey.uwo.ca. Copyright © 2000, Ivey Management Services Version: (A) 2000-10-24 SYNOPSIS Heinz Ruhnau, Lufthansa’s CEO, needed to determine how to deal with the foreign exchange risk resulting from the purchase of 20 new aircraft. Due to Lufthansa’s recent growth, it needed new aircraft. Its official policy was to have half Boeing and half Airbus aircraft, so it needed to purchase some aircraft from Boeing to offset its pending purchase of aircraft from Airbus. Ruhnau needed to determine how to deal with the massive foreign exchange exposure caused by the US$500 million purchase price (Lufthansa was the flagship German airline with the majority of its revenues in deutsche marks). The exposure was the result of this money being due in one year — u